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‘No Way’ to Avoid No-Trade Lists in No-Deal Brexit

‘No Way’ to Avoid No-Trade Lists in No-Deal Brexit

Posted on Wed, Mar 13, 2019 @ 7:16

By Samuel WilkesMarch 12, 2019, Risk

Trading ties between London-based banks and some of their European clients will be severed – temporarily, at least – in the event of a no-deal Brexit, Risk.net has learned. Several banks are unlikely to obtain the licence approvals and contractual sign-offs necessary to continue trading with European clients by March 29, and could be placed on no-trade lists from the following Monday.

“No way will everyone be ready for April 1,” says a European corporate treasurer. “It wouldn’t be a catastrophe for us because we have other banks we can trade with. There are some large ones amongst the ones we don’t have ready, and we’d prefer to have them cleared – but if it takes a longer time, then it takes a longer time.”